TITLE:
Out of Uzbekistan: The Barriers of Adopting Circular Business Practices in Rural SMEs
AUTHORS:
Teck Choon Teo, Alexander Zhang, Zebiniso Djuraeva, Amirbek Ettibaev
KEYWORDS:
Circular Economy, Business Models, Sustainability
JOURNAL NAME:
Journal of Human Resource and Sustainability Studies,
Vol.11 No.2,
June
19,
2023
ABSTRACT: Recently, there have been a lot of discussions regarding the circular economy (CE) among experts from numerous sectors. The circular economy addresses global warming and environmental challenges while generating economic benefits. Conventional business methods emphasizing linear progress in product marketing clash with the circular economy, which advocates for reduced consumption while increasing recycling and reuse of materials. There have been more significant debates over the CE concept worldwide. Still, more research needs to be done on implementing its precepts in the business world. The authors emphasize how important CE is to the business of small and medium-sized enterprises (SMEs) in remote locations and rural industries across the country. This research has policy significance since it demonstrates that the government should encourage environmentally friendly activities among rural SMEs. The available community assistance needs to be more cohesive, and rural SMEs are frequently encouraged to adopt new circular business models only in passing. Furthermore, the local CE promotes inhabitants’ social well-being, particularly in rural areas. This paper’s analytical approach and study findings can be used to develop Uzbek goals and a supportive environment after 2023.